7KH +RQRUDEOH 'DYLG ' 'RZG -U 

WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ 



5(&200(1'(' )25 )8//

3XUVXDQW WR 6L[WK &LUF

(/(&7521,& &,7$7,21  )

)LOH 1DPH D

	


	





$0(/$  22'



$0(/$  22'

		



(11(66(( 	78'(17

66,67$1&( 25325$7,21

		


!!"#$%&'(")*!

$&'	-.&'

 //01"2-3	4

6*3	!&%7

1+-33"3-#3

($419"3:

1-;&-+&5*3
/   






	  :"2-  #%&; 5   9 > (4
9 ?
 1
@
	
 ";'2-## ;; $!!##"&"3>;>?4A9) A 9) $ !!##  
 :"2- 

#%&;59>(4
9 ?
 1
@
	
 ";'2-##;; $!!##"&"3>;>?4A9)A9)=-##-"%'=:32";; $!!###-;=&    9 > 
#*%7*;'--+'"36#-"; 9 > :9: =	
 #*%7*; '- :-+'##  	*&& 
9 > #*%7*; '- $ %-+*;*-"

:53#-23&'!--$&'+*&-A'-+'

1=115B-34195C!!///D3#-23";!""&++*-6!--







4	:-+*-&5*36';;

	&*3&;;-;&"+!"&-CE	FD"!!"#;$%&'(")*!&+, !!##"& "#G; 3+-;- 3,-6 	G;%&-&3-;%-;;$#"+)$B*-;3-+&-$&+-2-6"3-;+'"6-''"!&7")*!&+,!+3-6;!#"-&-$$"%#"3$-#3$"'"3;'-!3-;+'"6$%';&*3&#";"3"%3	-&'+%!#"-&'7")*!&+,+*&3-3	G;%&-&3-;%-;;&'6*3;$;2-6 -%%*-&, "3 &' (")*!&+, !!##"& "#"$$-%3&'"&3+-;-	A"!!"#;"6*-6&'"&&';&-&*&-G;(")*!&+,#"*;&
;+H3;&6-2
//   

'"2;'"3-&';";;&;"2-6"&&%!&3&7$-&$%&'!A;$&'$3"#7")*!&+,+*&-&%*;&&'$"++!& &' +*&G; !A & 3+-3 A'&' &' '"3;'-!.+!&- !&+&; 3 $% &' 6"# ;&*3& #".%!&-/HH
	8/ 88/C 88DCE
$";&"&3;-;&!"&-+-!"&-&'";;&;$"7")*!&;'%*;&;*7%-&&&'"!!!-"&I*-%&;7,&'+&##-6!AFD

#&'*6' 
 "6 A-&' &' %"B-&, &'"& A ;'*#3 &

%"##,"+'-;;*;&"-;37$&'7")*!&+,+*&A'"2+6-J3+&"-.+!&-;&&'"&*#
 

	

	H8H/3KKK C&'- HHDA'#3&'"&A%","+'"-;;* -$ -& E-; !;&3 A-&' ;*$$-+-& +#"-&, "3+%!#&;;F $ &' +*& & ;#2 &' -;;*  '	*!%*&'";'#3&'"&&'3+-;-&32-"&$%&'6"#*#-;"%"&&E#$&!-%"-#,&&'3-;+&-$&'+*&;$"!!"#;&7.+-;3&'$"+&;$-3-2-3*"#+";;F  
  !
"" K/H 
	  / C D:2&'	*!%*&'";#6+6-J3&'"&A;'*#3 & 3+-3 +;&-&*&-"# I*;&-; A' &'-;#*&- -; *+;;", & &' *&+% $ &' +";
#
$

K
	/88C /DC&-6&'E+*;&% $ "2-3-6 3+-;- $ +;&-&*&-"# -;;*;*+;;",&&'3+-;-$&'+";7$*;FD

%&&
/83HC//D C&-6&'"&EA'!;;-7#"+*&;'*#3*#""A6*3-3&"2-3"+;&-&*&-"#I*;&-FD ='-#&'-;;*$A"-2A";&"-;3-&'7")*!&+,+*&&'$"+&;A-&';!+&&&'$-#-6$&'+#"-%"&-3-;!*&"3&'3+*%&;#-3*!&;&"7#-;'&';$"+&;"$%&'7")*!&+,+*&G;+3;
&'-;+";&'A"-2I*;&--;!;&3A-&';*$$-+-&+#"-&,"3+%!#&;;&;#2&'-;;*;7$ &'-; +*& A-&'*& '"2-6 & "+' &' +%!#.+;&-&*&-"#I*;&-;"-;37,&'!"&-;

 6;;&'!A&"76"&;&"
	LC"D!!#,-6&'*&;&$&'-'
;+&-H$&';&-&*&-6-2"76"& ;&"&;G ;2-6 -%%	

"3	

	


5*K "%#"3

";;&'"!&7")*!&+,!L /8C"DCHD !'-7-&; 3-;+'"6 62%&"# 73-; .+!& *!'"3;'-!F  	!&%7 K $ "32;",!+3-6$"'"3;'#";	A'%3'"3"%& 3-;%-;; &' +%!#"-&  &'-%%*-&,'(")*!&+,*&;; 3-3 &' %&- 6;; "+&3 !*;*"& & " 2"#"*&'-&,A'-&"76"&3&';&"&
	LC"D

 *"-%*; (")*!&+, !!

*#3 &'"& E"; " !"& $ &' !#2&-&'	&"&;+33&2 7")*!&+, 3-;+'"6 %"&&
 	 CC(&'-/D#&'*6'&'"&'
"(

(+*#3 7 -&!&3 "; !+#*3"76"&-6;&"&;G;2-6-%%*
!A;&'!"#-&!&3),-&3-;&-6*-;'7")*!&+,"#6&';&$&'&-+#
!A;K '!"#&3&'"&A-&'"&*"#-J"&-&';&-&*&-6& ;&"7#-;' E"'"A;F
	

C%!'";-;"333D&%#"A;++3-6&&'!"#)(
K   

6;;G;!A&%")*-$%#"A; I*-3;&"&;&;*3&'-A!A&%") ;*+'#"A; "3&'*;"-%!&"&36$&'-;2-6&,"&KH (+"*;#-%-&;  ;2-6&, " 7, &'- 2, "&* #-%-&; ;2-6 -%%*-&, &' !"# ++#*33 &'"& 6;;G;!A&%")#"A;7")*!&+,+"-;A-&'-&&'!A&"76"&;&"&;G;2-6-%%*-&,6;;+#"#,.+-;3&'"&!A-
	LC"DA'-+';!+-$-+"##,"76"&3 &' ;&"&;G ;2-6 -%%*-&, A-&' ;!+& &"+&-;*3L/8

	 &-%#, "!!"#3 = '"2 B*-;3-+&- *3 /H


	LH"33"#*#$!!##"&+3*=2-A &' 3+-;- $ &' 7")*!&+, +*& 3-+&#,2-A-6 -&; $"+&*"# $-3-6; $ +#"  "3 -&; #6"#++#*;-;32
'
C'


.D/H838 88C&'-//D

		


&-# "37&+*#33-;+'"6'-;';&*3&#"

37&;-3-",7")*!&+,!+3-6;A'&'&&'+3-&A";";&"&;&"&"6+,
$";&"&A-;'3&";;&"-&;&-"37&G;";;&;&';&"&'"3&$-#"+#"-%&'7,A"-2-6-&;;2-6-%%*-&,*3

/HH
	8/ 888C 88D
&'3*+"&-%3%&;$ 'A26;;6"2!*7#-+&-&-;&'"& -;;*3 ;&*3& #"; " ;-6-$-+"& 7$-&  6;;!'-7-&3&'3-;+'"6$ ;&*3&#"37&;-3-","32;",7")*!&+,!+3-6;*#;;&'#"'"37-!",%&$%&'"$-2,";"###";&'"&'"3 7 - !",%& $ #;; &'" $-2 ,"; 'A26;;!'-7-&33-;+'"6*#;;&'37&--&-"&3";!""&"32;",!+3-6"33%;&"&3&'"&!",-6&' ;&"& A*#3 E-%!; " *3* '"3;'-!F  3*+"&-%3%&;$  *7 KKH/LK8 C"D 	&"& /H /K C D C+3-$-3 "& / 
	 L H8C DDC!"#3- H"3!#"+3A-&'+*&
	L /8C"DCHDD  "2-6 +-23 &' 7$-& $ " ;!+-"#"32;",!+3-6&'"&%");-&%3-$$-+*#&$37&;

 -2)3 &' $3"# 7")*!&+, A"-23-&;;2-6-%%*-&,

	G;;+3"6*%&C-&'

"!$$+#"-%#,+;&-&*&;AB*-;3-+&-2&'%"#7")*$ " E*3* '"3;'-!F !+L /8C"DCHD  #&'*6'  &' 	*!/
  0 +#"#,'+#"-% A"-2; " ;&"& +3-&G; ;!+&&%"#3-;+'"6!+&' "32;"-"# !+3-6 I*-6*#"&-; -; ;!""& "3 3-7")*!&+,3-;+'"6!+3-6


 3-;"6  ' 3&%-"&-

-.&-+"7#,-&#"&3A-&'&';*+'&'"&&'A"-2$;2-6-&'&'12
15H83 /CH&'- !$$+#"-%A"-2;-&;-%%*-&"3B*3-+"&-D<%
"/%5K8388 C&'+#"-% A"-2; -%%*-&, - "327")*!&+, +*&G; ;&", 3 "6";*$$-+-&#,#"&3&3-;+'"6!-+*-&&3-1EM&N'&%");+#"&'"&&';!+3*;A'#<&';"%;+&-&'"&.%"6"#3-;+'"6;&"7#-;';&'";&'.+!&-&&'.%!&-;&*+&* $ &' ;&"&*&, !2-;'"3;'-!F-; "3$;O-33;&"&G; 6"# !-2-#6 $ .%%"#7")*!&+,3-;+'"6!+

:2-$-#-6"!$$+

&") "32"&"6$&' $3"#7".%!& ;&*3&#"; $% 6*&'-$&''"37";;&;-
/   








419 -+*-& 5*36 ++*-6  (+"*;  


++#*3&'"&	'";A"-23-&;;2-6-%%*-&,7,$-#-6"+#"-%
++*A-&'&'%"B-&,$&'!"#&'"&&'7")*!&+, +*& '"; B*-;3-+&- & '" &'-; "32;",!+3-6  
 +"& B- &' !"#G; !-- "3 
 &'*;++*-&'B*36%&#,


&-;A##;&"7#-;'3&'"&A'";&"&$-#;"!$$+#"-%

- " 7")*!&+, "3B*3-+"&- E-& A"-2; ", -%%*-&, -&&'A-;%-6'&'"2'"3;!+&-6&'"3B*3-+"&-$&'+#"-%F/
08/ 
	C KD

2%7 ""*&'-J3"6&$	"##-:"

	2-+-6!"&-&'-6-"#'#3$3G;;&*3&#" 37& ;-63 " ";;-6%& $ !$ $ +#"-% $%&";$-6&'37&&	'"+&*"#!$$+#"-%A";$-#37,	"##-:"-&'7")*!&+,+*&2%7/  '";;-6%&$&'"&!$$+#"-%$%A";$-#3%&'#"&1+%7/ '";;-6%&A";$$+&*"&3A-&'&-+&	"3A-&'*&7B+&-$%", !"&,  #&'*6' &' -;  +#"-%; 3+)&  +#"-%;6-;& - &' +3 &'"& -; #, 7+"*; -& -; ;&"3"3!"+&-+-&'"&3-;&-+&&&'"2"+#"-%;3+)&+#"-%;6-;&-"";;&'"!&7")*!&+,"3-&3;&+'"6&'$"+&&'"&"!$$+#"-%A";$-#3

	G;$-;&"6*%&-&&'"&-&A";	"##-:"O&&'

;&"&OA'$-#3&'!$$+#"-%"3	"##-:"3;&'"2&'"*&'-&,&A"-2;;G;;2-6-%%*-&,#&'*6'	"##-:"$-#3&'!$$+#"-%-&A";"!$$+#"-%"37&A37,		'"32#*&"-#,*3&")&6*""&3G;;&*3&#";"3"++!&3";;-6%&$&'37&$%	"##-:"'";;-6%&A";%"3 7$ &' $-#-6 $ &' +#"-%  
3 &';+-+*%;&"+; 
 &'-) -& -; +#" &'"& 	 2#*&"-#,

 &3-;+'"6&'- ;&*3&#"3.!#-&&'"&7$-&7,";;&-6-&!2&-63-;+'"6"#&6&'
-$-&+"'"2-&;+")"3"&-&+"&

'#2&'%3%&!2' 5*3-+-"# !A $ &' 
-+;&*3 & .&3 & ", +%%+3  !;+*&3 "6"	&"&; 7, -&-J; $ "&' 		*7B+&;$",-6	&"&


	;&"%3
'-;7"&.&3;&;*-&;"6"-;&";&"&7,- $

 8K 
	   C"6"-;& ;&"&; %", !+3 #,;2-6-%%*-&,-$6;;+;&-&*&-"# "*&'-&, "76"&-%%*-&,	 !""#!

&"#"6*%&$&'$-;&&

3;*66;&3&'"&	%",'-%%*-&,< - " ;*7;I*& #&& ;*66;&3 &'"& %"&-"# & "!!*&G; 3+)& ;'& 3%;&"&A"-23-&;;2-6-%%*-&,&'"&	G; ;2-6-%%*-&,:"&'--&-"#+3-&$3G"!$$+#"-%-3G;-6-"!+3-6"3";;-63-&;!$		"##-:"&)",$*&'"&!+3-6"3&'!$$+&'+*&G;3+)&;'&

3A"-23&'-;"6*%&7,$

(")*!&+,*&&'(")*!&+,7-$;7$&'-;+*&EP
&-;A##
   

& +;-3 "6*%&; "-;3 $&' $-;&&-%  "!!"#*#;;*$"-#*&+;-3&'-;;*A-##;*#&-"!#"-%-;+"-"6 $ B*;&-+GF  6  $#7(
2
  /3 8 83  H C&' - //DCI*&-6%

(
%". 838

K8 C&' -  DD   $ &' +-+*%;&"+; &'"&++";-"##,B*;&-$, "7"3-6&'-; *;*"# *# " !;&';"--&-"#%"&&$"-#-6&+;-33G;A"-23"6*%& '"3#, ;*#&; - " !#"- %-;+"-"6 $ B*;&-+<-335*3643,G;+;-3"&-$&'-;;*&'"&A";A"-23#"3;'&&';"%++#*;-&'"&A"+'&'-;;*&'"&A";!!#,!;233A7#-2&'"&&'-;;*E-;!;&3A-&';*$$-+-&+#"-&,"3+%!#&;;F"3&'"&E-&;;#*&-A-##%"&-"##,"32"+&'!6;;$    "#"3, !&"+&3 #-&-6"&-F ;*+' &'"& -& A""&;;!+-"#+;-3"&-*3 8
	

	H8H /3KKK C&'-D KHH
	HHC HHD&'+&",;#*&-$&' A"-2 -;;*  % "32"+; &' !6;; $ &'-;#-&-6"&-&'"3; ;#*&-$&'"76"&--;;*"3;#*&- $ &' A"-2 -;;* I*-; #-"+  .&"+32-3+6"3-6&';-6-$-+"+$"*3+)&3!$ $ +#"-% &'"& 	"##- :" $-#3 
" -&; $$-+ '"3.+*&3"3+*%&";;-6-6-&;-&;&&	

!)  
  K /3 /  C&'-  HDC$*;-6&'"""6*%&$-;&"-;3-"!#,7-$"!!"# "3 &-6&'"& +;-3"&- $ ;*+' "6*%&;-;-"!!!-"&EA';#*&-$&'-;;*-;&72-*;FD

'++*-6!--A*#3&'#;;'"2*;*#

&'A"-2-;;*-3&"2-3"33;;-6&'"76"&-I*;&-  A2 - " $$& & "2-3 *#-6  +;&-&*&-"#I*;&-5*3643,-;$+3&"33;;"&'  ;' *#; &'"& " ;&"& %", A"-2 -&; ;2-6-%%*-&,;-%!#,7,3-6&'-6'"&-;&'++*-6!-- ++#*3; &'"& 	"##- :" A"-23 ;;G;;2-6 -%%*-&, A' 	"##-:" ";;-63 " !$ $+#"-%&	"3&' ;&"& $"-#3&7B+&=&")!;-&-A'&'5*3643,-;++&&'-;!-&"; &' -;;* -; " 3-$$-+*#&  '	
/
  

 

& &' ;&-&*&-"# 2

6;; &' !A & "76"& *3&-+#
;+&-H

*;3&'"&!A&6"&;&"&;"7	

 &' 3-"# $ 	G	&&'7")*!&+,+*
H   

+*&'!2-*;;,;&%;G-##;#,-$-&"!!#-3*-$%#,&"##+3-&;"337&;&'(")*!&+,#"*;%*;&6"&6;; &' !A & "76"& &' ;&"&;G ;2-6-%%*-&,




:*+'$&'2-3+6"3-6&'!#"$&'2&-

-;"%7-6**;A2&'	*!%*&'";%"3+#"&'"& &' 7;& 2-3+ $ &' "%;G -&&-;  ;&"&;2-6&,+%;$%&'&.&$&';&-&*&-"3)(

92
/
	H H

 H/C D
33'
-&;#$#-;'"2-#,

)(

*+'

	"&K

 8&';&-&*&-G;&.&"3"%-#&G;$+-)(

*+&&'%";$"76"&-6;2-6&,-)(

,-;*66;&&'"&A-&'&'(")*!&+,#"*;&';&"&;6"&36;;&'!A&"76"&;&"&;2-6-%%*-&,';&"&;G-%%*-&,A";&'*;E"#&37,&'!#"$&'2&-F
/
	"&86;;+#"#,.+-;3&'"&!A-
	LC"D++3-6#,	-;&-%%*$%;*-&*3
	L/8C"DCHD

'-;++#*;--A",*3%-;&'3-6-&,$&'

;&"&";";!""&;2-6'-;-;&"-;&"+-A'-+'6;; '"; "7#3 !-2"& !"&-; & E'"*#F ;&"&; -&+*&"6"-;&&'-A-##(

:
''3)



)
	//	&HKHKC//D7*&"-;&"+-A'-+'6;;'";6"&3;&"&; !+-;#, &' !&+&- &'"& &', ;*6'&  
#-) "&"3-&-"##"A;*-&-A'-+'";&"&-;$+3&3$3-&;#$"6"-;&""++*;"&-$A63-6&'7")*!&+,!+;;E-;;'&#,;!")-6""3B*3-+"&-$-&;&;+#"-%3-"F/
8/ 
	"&K
$&';&"&A-;';&";;&-&;-&;&-&'-&%",3;
$-&!$;&&-&%",

3+#- "3 &' 37& A-## ;&-## 3 & +2-+ &'7")*!&+, +*&&'"& !",%&A-## +;&-&*& " E*3*'"3;'-!F
	L/8C"D

 08/ 
	8KC K2#*&"-#,;*7%-&;"+#"-%-"7;&"&A"-2;-&;;2-6-%%*-&(

	


	HC DCE'A'#3+#""&-G)
$-&;A"-	&"&-$"+&+;&;&;*-&FD C.'
  0
 K 
	 &',$ +;&*+&-2 +;& ";2-6-%%*-&,#,A';&"&6-2&'+'-+7&A*#-6&'"&A";!;&37#A"3"+A";&AA-##*#&'-;;*3+#-&"33;;&'A#,!;A"-23-&; ;2-6-%%*-&, ""+&-;	& $! !""

'(	

")' 	*!%*&'"; "33;

"76"&-;$;&"&;2-6-%%&'"&76"A-&''



	KKC D
'



3-" %%+ #"*; A'-+'E6*#"&%%+A-&'&'
& 
 L H +# 8 3; & 6""76"&;&"&;2-6-%%*-&,
	 "& K  ' *& - '6;;'"3"3I*"&#,.!;;;&"&;G-%%*-&,$%;*-&$-&;-I*-,'A2&'*&"76"&;&"&;2-6-%%*-&,+;&-&*&-"#!A)-6&;&"&%&;$&'"%;&';2-6 -%%*-&, A"; " ;&-&*&-G; -6-"# ;&*+&*++3-6#,&'*&'#3&'"&EM;&-+&;&'B*3-+-"#!A*3
H   

+"&7*;3&+-+*%2&&'+;&-&*&-"##-%-&"&-;!#"+3*!$3"#B*-;3-+&-F"&/8'*&

"!!#-3 " ;-%-#" &A;&! '-;&-+"# ""#,;-; - 
 

:
/
	C DA'--&.&33'
&#-%-&6;;G;!A;A-&';!+&&;*-&;-;&"&+*&";A##

-2 +-+*-& +*&; '"2 ++#*33 &'"& *3 '


 6;; %", & 2"#-3#, "76"& ;&"& ;2-6-%%*-&, #,-6  -&; (")*!&+, #"*; !A;  $
CD883H/H8/C&'-//D<: )(
 )
#% C: )D/ 83/C &'-/D<
 
 	 "   


 C 
 


 	 " D 88 83 /8 /K8 C83 - HD< (
9  $  :'  $$ C (
9D/883/K/K8C&'-D
'8838H8 C&'- D< )
:


C


/
')"!
)D 83KKKCK&'- D /8
	C HD

'; +-+*-&; '"2 #-3 !-%"-#,  '
 G;

7"3 #"6*"6 7"-6 6;; $% "76"&-6 ;&"&;2-6 -%%*-&, !*;*"& & -&; &-+# 
 !A;A2 -&' '
   ", $ &' 	*!%*&G; &' +& ;2-6 -%%*-&, +";; "33;;6;;G;(")*!&+,#"*;!A;";*3;&3-&'!#"$&'2&-=6"6-&''
""#,;-;"3A++#*3&'"&&'&.&$&';&-&*&-"3&'2-3+$&'"%;G-&&3%;&"&&'"&*3&'(")*!&+,#"*;$&-+#
;+&-H6;;'";&'!A&"76"&;&"&;2-6-%%*-&,

' '
  -I*-, %*;& !+3 - &A !"&;

-;&&'	*!%*&I*-;&'"&E&"76"&&'	&"&;G#2&'%3%&-%%*-&,$%;*-&-$3"#+*&6;;%*;&%")-&;-&&-P*%-;&")"7#,+#"-&'#"6*"6$&';&"&*&GF""'
 	3" ':
K /
	 C H DCI*&-6
 



	 

K8
	/8K/K/C HDD'-;I*;&-'&'"&6;;'";3;	+&-C"D

 

'
' ;&"&;"#;+-&&'

+2&-;";+3-&--6"&-$-+&'"& !-2"& !;; +*#3 & ;"&-$-+"&-37"&;&'"&-$-+"&-&'-; $&#&'*6'7&'A.!;;3"!$+&'"&+-&-J;&"&; - $3"# +*& &' 6"3-6A'&'&',7#-23&'!'-7-&3;*+';*-&;A9)G!$+ - $"2 $ "7;#*& E+;-;&&A-&'&';"-3;&-&*8/ CA9);#*&-D'.!;;-6 " !$+ - $"2-%%*-&,3-3;7,+"##-6$"!$+#"A"&888C'A*#373$;*+'9);*66;&3&';&-&*&-!-&  6"-&'-; 2-3+ 6""%7-6**;

'; 6"6-6 - &' ;&"& 

%&-+*#*;-"-;-6&'-7B+&-8.

3
K8C;&"&%7B+&--;%"3&M$3"#+*&7&A+-&-J;$&';"%;&"&F7B+&3&;*7B+&-6&';&"&;&$'-; #"+) $ +33 !!;-&-"6"-;& &' ;&"&; - &' ;"%+;&-&*&-"##,"!!23#-%-&;"; &' !2-;-; ;*7B+&-6 ;&"&62%&$."%!#&;*-2
#
K8
.

3
K C;&"&%&$-%!;;-7-#-&, $ +"##-6 " ;2B*-;3-+&-$"&';2-6"3 +;;-&, $ 2;&-6&'-;&-7+&2;-;&A'-+'";&"&;'"##&'#"+)$ .!;;3!!;-&- &'A-;+"$*#37"&-&+*#3"++!&"+&'"&7+"*;"$3"#
   

&'-;&'-3 "#-"&-$ ;2-6&,7+"*;&'6"&$ "*-$%!A&&'$3"#62%&-;-+;-;&&A-&'",&&-$&'"&!A-&';&"&;<&';"%";-6"!!#-;&7")*!&+,

'I*;&--;A'&'"%-#&G;-3&-$-+"&-$&'

*-$%!A; "; ."%!#;$ +"&6-;- A'-+' ;&"&;'"2+33;2-6&,-+#*3;&'+3-6$-%%*-&,$%;*-&=++#*3&'"&,-3;-$"+&$&&'+3-6

$;2-6-%%*-&,"%-#&G;+;;$+&&'-;3-;+*;;- -  *+G; 3-;+*;;- $ +3-6 ;2-6-%%*-&,+"#,;*66;&&'"&-&'%-3;$&'"%;+3-6 ;2-6&, 7, &' %&'3; 3;+-73 -  ,-

-%!#-;+3-6;2-6-%%*-&,";3-;+*;;3-*+'-;&'.!#""&-$'-;+;;$+-*+'*;)(

*+"3,-;*66;&&'"&&';&"&;+33&'--%%*-&,7,6"&-66;;&'!A&%")*-$%#"A;

+($,$!&$-&",&&'
' ;&"&;G;*66;&-&'-;-&!&"&-

-; +;-;&& A-&' &' "&-$-+"&- 37"&;  -;& "#&'*6'
'  " ++& &'"& &'; 37"&-6 &' !!;3;&-&*&-G; %-&; 7B+&3 & +&"- ;*-&; "6"-;& &';&"&;
' !-&&;*+'7B+&-;!+-$-+"##,&"6&3"6"-;&$+-6$3"#7")*!&+,#"A;"6"-;&&';&"&;"&'&'7*#)$&';!");7B+&3&&-+#


;+&-/A'-+'"##A;;*-&;7&A";&"&"3+-&-J;$"&';&"&8.

3
88C5"&'"##-&3/3

3H8DC;&"&%&$5"%;:"3-;D<"&K8C;&"&%&$"&-+),D<"&C;&"&%&$5':";'"##D<

 "&/C;&"&%&$>6:";DC7B+&-6&

$3"#B*-;3-+&-2;*-&;7&A;&"&"3$-6;&"&+-&-J;;*7B+&;D#&'*6'&'37"&;G#"&-2;-#+2;2-6-%%*-&,"3&'7")*!&+,!2-;-3;&+;;"-#,-3-+"&&'-"+I*-;++-&3;*3%-&' &-&'"&&'; "&-$,-6&' +;&-&*&- 7B+&3&$3"#B*-;3-+&-2&';&"&;-;*+'+";;

 

+RRG GRHV QRW DUJXH WKDW WKH VWDWX

)RXUWHHQWK $PHQGPHQW ZKLFK WKH 6XSURYLGHV DQ DGHTXDWH EDVLV IRU DEURJDWLR6HH 6HPLQROH 7ULEH  86 DW  6HFWLROHJLVODWLRQ GHVLJQHG WR UHPHG\ YLRODWLRQV VXEVWDQWLYH SURYLVLRQV DQG WKHUH PSURSRUWLRQDOLW\ EHWZHHQ WKH LQMXU\ WR EH PHDQV DGRSWHG WR WKDW HQG ́ &LW\ RI %RHU &RXUWV WKDW KDYH DGGUHVVHG WKLV &RGH ZDV QRW GHVLJQHG WR UHPHG\ $PHQGPHQW 6HH HJ 6DFUHG +HD

3HQQV\OYDQLD ,Q UH 6DFUHG +HDUW +RVS 

 G &LU 

$ &' (")*!&+, 3 ;&"&; &'";;&- $ ;2-6 -%%*-&,"76"&3";&"62%&"#*&'-;;+&-A-&' ;!+&& MLC"DCD	*7;+&-C"DC/D&'A'-+';2-6-%%*-&,-;"76L/8E'+*&%",'""33A-&' ;!+& & &' "!!#-+"&-62%&"#*-&;F
	L#6-;#"&-2 ;&"&%&F  %

 )"


	HC D

	+3 "3 % 3-$$-+*#& 

6;;G;"&&%!&&"76"&;&"&!*;*"&&;*$$-+-&"*&'-&,'"3!&3!*;*"&&6;;G;!AH$&';&-&*&-EM&N;&"7#-;;*7B+&$(")*!&+-;&'*6'

6;; +"& "76"& ;2!2-;-&';&"&*&-;-2"#-3"3	*!%*&'";-;&*+&3&'"&6;;%","76"&;&"&;2& #) "& &' -6-"# ;&*+&* 
 / 
	 "& 8 CEM
N%$*3"%&"# ";!+& $ &' ;2B,37$&'"&-$-+"&-$&'&', &"-&3",    .+!& "; "
   

,Q DUJXLQJ WKDW WKH %DQNUXSWF\ &ODXVH SRZHU LV QR GLIIHUHQW IURP

RWKHU $UWLFOH , SRZHUV WKH 6WDWH XUJHV XV WR IROORZ -XVWLFH 0DUVKDOO¶VGLVVHQW LQ +RIIPDQ Y &RQQHFWLFXW 'HS¶W RI ,QFRPH 0DLQW  86 

 0DUVKDOO - GLVVHQWLQJ LQ ZKLFK -XVWLFH 0DUVKDOO ZURWH 3, VHH QRUHDVRQ WR WUHDW &RQJUHVV¶ SRZHU XQGHU WKH %DQNUXSWF\ &ODXVH DQ\GLIIHUHQWO\ >WKDQ WKH SRZHU XQGHU WKH &RPPHUFH &ODXVH@ IRU ERWKFRQVWLWXWLRQDO SURYLVLRQV JLYH &RQJUHVV SOHQDU\ SRZHU RYHU QDWLRQDOHFRQRPLF DFWLYLW\ ́ ,G DW  7KH )RXUWK &LUFXLW LQWHUSUHWHG WKLV WR

PHDQ WKDW ZKHQ WKH 6XSUHPH &RXUW LQ 6HPLQROH 7ULEH UXOHG WKDW &RQJUHVV

FRXOG QRW XVH WKH &RPPHUFH &ODXVH SRZHU WR DEURJDWH VWDWH VRYHUHLJQLPPXQLW\ LW QHFHVVDULO\ LQGLFDWHG WKDW WKH %DQNUXSWF\ &ODXVH SRZHU ZDVVLPLODUO\ ZHDN 6HH ,Q UH &UHDWLYH *ROGVPLWKV RI :DVKLQJWRQ '& 

)G DW  +RZHYHU HYHQ LI -XVWLFH 0DUVKDOO¶V GLVVHQW ZHUH

ELQGLQJ KLV VWDWHPHQW FDQQRW EHDU WKH ZHLJKW WKH )RXUWK &LUFXLW SXWV RQLW ,Q WKDW SDVVDJH RI +RIIPDQ -XVWLFH 0DUVKDOO ZDV GLVFXVVLQJ ZKHWKHUJLYHQ WKDW WKH MXULVSUXGHQFH RI WKH WLPH UHFRJQL]HG &RQJUHVV¶V SRZHU WRDEURJDWH VRYHUHLJQ LPPXQLW\ XQGHU WKH &RPPHUFH &ODXVH &RQJUHVV KDGD VLPLODU SRZHU XQGHU WKH WKHQFXUUHQW YHUVLRQ RI WKH %DQNUXSWF\ &ODXVH-XVWLFH 0DUVKDOO FRQFOXGHG WKDW WKHUH ZDV QR UHDVRQ WR WKLQN WKDW WKH%DQNUXSWF\ &ODXVH JDYH &RQJUHVV OHVV SRZHU 6HH +RIIPDQ  86 DW +H KDG QR UHDVRQ WR FRQVLGHU ZKHWKHU LW JDYH &RQJUHVV PRUH SRZHU:H WKXV ILQG QRWKLQJ LQ WKH +RIIPDQ GLVVHQW WKDW ZRXOG RYHUFRPH WKH

WH[WXDO GLVWLQFWLRQ WKDW WKH )UDPHUV FUHDWHG IRU WKH XQLIRUP SRZHUV

2&-  +&"- +;&-&*&-"# "%3%&;FD  '#2&'%3%&A-##-&'*3%-7#;&",++#*;-6"3-6&'!*!;;$&'2&-7+"*;&'"& "%3%& ;*6'& #, & ;& & +'"6 &';&*+&*;&"7#-;'3"&&'2&-&'"&A";"!!"&#,3-;&&3 7, &' 	*!% *&G; 3+-;- -))
' /
/
	C/1"##DK C 8D
/
	"&///8

.(
!-$$#$!/-0$(6--6 A-&' &' ;&-&*&-G; &.& &-+# 
 6-2;

6;;&'!A&%")E*-$%F#"A;2#,&A-;;*;7")*!&+,"3"&*"#-J"&->"&-6&'$3"#

62%&&'!A&%")*-$%#"A;-;"&#";&&;%.&&-+;-;&&A-&';&"&;&"--6&'!A&%")#"A;2&'"&-;;*' 	*!%*&&3&'-%!&"+$&'*-$%-&,!2-;-"#,

 

)(

;*66;&;&'"&&'

$%;*-&"#6A-&'&'-!A&' ;&"&; "63 & &' (")*!2-;-A!";;"6;"#2*+"%-#&3-;+*;;3;2-6


& -; -'& - &' "&* $ "%"7#&&';*-&$"-3-2-

'-; -; &' 6"# ;; "3 %")-3<"3&'.%!&-";;2-6&,-;AB,37,&;&"&-&'*-
#;;&'$&'-;-%%*-&,-&'!#"$%"-A-&'&';&"&;"3&'3%#,-3"#'+-+*%;&"+!3*+ " "#-"&- $ ;&3-;+*;;3-+;-3-6&'"&-&7!"&3'

)(

*+"&K// C"&-+#&"."&-&A'-+'"%-#&+-+*%;&"+;-A'-+';&"&;+"7;2-6&,-;)(



MN;&'!#"$&' +2&-*-  +;#-3"&- &' ;&"+#"#, &"- "## &' -6'&; $ 7$'"3"3A'-+'A&3#6"&3 & &' 
-&3 	&"3#6"&-"&'&'-;"#-"&A*#3#,.-;&-&'+";;A.!;;&%;6"&3".+#*;-2A' -& 6"&3 -  -;&"*- "3 - "&' !'-.+-;-6 &' #-) "*&'-&,< ""*&'-&,&&'*-&A'-+'";&"&;A*#37"7;#*&#,"3&

	


) (

  ,- "& "%-#&;!+-$-+"##,$$3"&*
K   

&'2&-&'"&'+;;-&,$'"2-6';,;&%

- !#"+ A' 6;; +*#3 & "+& 7")*!&+,#6-;#"&-$&+*&-6&'++;26"3;&"&#"A;&'"&&'.+#*;-2-&,"3*-$%-&,+#"*;5;!'	&,&3&'"&G;.+#*;-2-&,-&!&"&-A";7,H88

$-%#,;&"7#-;'37,B*3-+-"#3+-;-;;&'-;3+&-;%;A&'"27&"-3"6"#"+I*-;++-&3; & ;% +;;", & 2-A &' ";-6 A'-+'&'3-$$&!--;"$*33<"#&'*6'";"AI*;&--&-;!7"7#,";%*+'!&+&2;,"; ",  A'-+' '"; 2 6-2 -; & B*3-+-"#"6*%&"&-  (*& *! "## ;*+' ;*7B+&; -& ;%;3;-"7#&"3!&&' ;*3!"+&-+"#%".-%

	
 
"
'

	&, ''
 "& L    '*; &' #"&-&!&"&-; $ &' *-$%-&, !2-;- "; & +"&-6.+#*;-2 !A - &' $3"# 62%& $#+&"3%--;&"&-2+;;-&,"&'&'""*3;&"3-6+&",&&'"&.!;;3-)(

,-;"%-#&	&, "3 &' &' "#, -&!&; %") +#" &'*-$%-&,!2-;-A";-&33&6"&.+#*;-2!A&&'$3"#62%&

1($$-/
2!  !""#!$%$+*;-&-;!;;-7#&'"&-+3-6;%;2-6&,

A-&'&'(")*!&+,#"*;&';&"&;+33&'-#6-;#"&-2!A;7*&&&'--%%*-&,$%;*-&;&'
' ;&"&;!-&*&"#,	*!%*&3+-;-;&'"&#-%-&3;&"&;G!A;-;#"&3-3&+-2&';"%';&-#+!&-&'"& &' *&G; 3+-;- -))
'  /
 / 
	

C1"## K D C 8D A'-+' *3%-3 ;&"& ;2-6-%%*-&, +-23'-; +*#3 ;*66;&&'"&&'!A-;#"&"3&'-%%*-&,$%;*-&A3-;&-+&";!+&;$;2-6&, - &' "#, %-+";G %-3; "3 &'"& &'3+-;-&+3";!+&&&'$3"#62%&3;&7,-&;#$-%!#,";*3$&'&'

 

'!+*#-"&%;$&'6"&+6;; -; & "*&'-J3 %!"&- $ A'-+' ;'"## 7 **-$%#"A;&';*7B+&&'*'-; ;&"7#-;'%& $ *--+%!"&-7#A-&' ;&"-;#"&;*7B+&&A'-+'&'"+&;$+

)
	CH D


&-;A&'3-;+*;;-6A'"&&'*

' E*-$%-&,F !2-;- -; ;*66;&;-(
9EP"*-$%-&,G"3&'-6%F/KK CI*&-6 ;
 %)
/ 8/  
	  / ++*-6DD;"--&-"#%"&&")$*&G;++*-6!---A-&'&'%"B-&,!---&'"&";3 - ;
 &'"& &' +*3;&"&#"A;&'A";&'-&$+<";#66;;&"&;&"&#"A*-$%#, 6"3#;;I*-%&'"37 ;"&-;$-3/8C")$*&5++*-6-;
$*3";&-I

+"&3 ", 2"#-3 +#"-% 7+"*;-+;-;&&A-&'$3"#7")*!&&7";;&306"3#;;$-&;

;
8/ 
	"&8K$3"#+*&;%*;&3%&'"$3"# +*&; %*;& $+ $3;
-; ", 6*-3 ";& A'"& *-$%-&, I*-; %*+' % &++*+;*66;&;

 "; &' $##A-6 3-;+*;

&-+# 
 ;+&- H $#+& " %$"2-6 *-$%-&, "+;; ;&"& 
/   

	

. 
.#	%



%
/
	/C D-A'-+'&'	*!%*&$*3&'"&"#6-;#"&-2!$+$*-$%-&,+*#3&2-3"+;&-&*&-"#!'-7-&-&'"76"&-$;&"&;2-6-%%*-&,"&K&'-;+";-2#2;&'

I*;&- A'&' " +;&-&*&-"# *-$%-&, I*-%&-&;#$ "*&'-J; 6;; & "76"& ;&"& ;2-6-%%*-&,

3 ( 
"-/ !2-$!2!   $( !*#4$,%

)

; -& A"; --&-"##, *3;&3 &' (")*!&+, #"*;

!;&3&';&"&;G&&"#6"&$&'-!A-;#"&7")*!&+,
3$#"A;&7*-$%&'#"A;%*;&7&';"%2,A''"&*-$%-&,A*#37*"&&"-"7#-$ ;&"&; +*#3 !";; &'- A #"A;  #."3 "%-#&;&"&3 &'"& &' $3"# 62%& '"3 E.+#*;-2B*-;3-+&-F A' &' ;&-&*&- 6"&3 6;; &'!A & %") *-$% #"A;  E'-; %*;& +;;"-#, 7.+#*;-2< 7+"*; -$ "+' 	&"& '"3 !A & !;+-7 "1
	

&' +*#37 

:
F)(

,-"&C#."3"%-#&DC>6=",?5"%;:+###"3;/D'"#-;&+";;;-%-#"#,-&!&3&'6"&$!A";.+#*;-2&-6&'"&#"A;+*#37*-$%#,-$";-6#"6&A-;;*-6&'%  ;;+-"& 5*;&-+ (*;'3 =";'-6& ;-&&-6 ";-+*-&5*;&-+";3&'-;A",-/
 

";K/C1"HKDA-&-6E'"&&'.+-;$&'!A&!";;7")*!&"3"&*"#-J"&-#"A;7,&';&"&62%&;-;-+%!"&-7#A-&'&'6"&$"!A&+6;; & !";; *-$% #"A;  &' ;"% ;*7B+&; -;72-*; $% &' +;-3"&- &'"& &' $% A*#3 73-;;-%-#""3$I*&#,+&"3-+&,<A'";&';,;&%;"3-+&3&7*-$%A'-+'+"#,733;7,&'.+#*;-2!A-73,&$%&'%F"&K

'"*&'-&,A";*3;&3&7.+#*;-27+"*;",

#;;6"&A*#3'"23$"&3&'6"&G;-6-"#!*!;'7")*!&+,;,;&%7$H A";%")37,+'";

 (+"*; "+' ;&"& '"3 3-$$&;,#2"-"G;37&;%-6'&'"2:",#"3"3&'-&;&;$*&;*73-"&3&-;&"&+3-&;-$$+&-2-&'"&-&3-3&"##A7")*!&+,!#-+-;;)7*&"#;&'"&-&A*#36-2&';,#2"";;-6 '-; -&;& - &' 37&:",#"3%")-6&'37&7&'" 7$  A2 &' B*;&.+#*;-2-&,A";&"%3;-

;,;&%&'"&;"72-3-2-3*"#;	&,&3&'A$";&'"&7")*!&+,;,;&%&'"&E7;&;*-&;!*;*-&;F&'"&A";%")3E7,*"3 $"2*;F  8 5;!' 	&, LL / K C

C'-#-!(4*#"3?
33;&&-67")*!&+,!#-+-"7#;&"&;&$"2-;&"&+3-&*&$;&"& +3-&; (, 6"&-.+#*;-2#,&';&-&*&-!23$"&-67")*!&+,G;6"#;

#&'*6'&'-; *3;&"3-6&'

.+#*;-22&*"##,6"2A",&+*#3 - &' "7;+ $ $3"# 7")*!&+, &'-; 32#!%& -*3;&"3-6"&&'&-%$&'.+#*;-26;;3-3&!";;-H !"#3-&-H8"3A#6-;#"&- *&-# HK   1"2'<    " %
C/D
&'"7;+$"$3A$+3&#,&'-A;	*!% *& -   ='"&D // CH D *#3 &'"&!'-7-&3;&"&;$%"+&-6#,A"+&3"& 8 A2&'-&!&"&-A";7";3#;;&'